A flow battery is a type of rechargeable battery, wherein energy is generated by 2 chemical components dissolved in liquids contained in the system and are mostly separated by a selective-ion membrane. Owing to the growing energy and power industry, the need for an efficient, inexpensive energy storage has increased over the years.
Flow batteries solve this purpose and are currently adopted mostly in the utilities sector. The growing deployment of these batteries for grid-scale applications across the world is driving the market for flow batteries.
The flow battery market is estimated to be valued at USD 230.2 million in 2018 and is expected to reach USD 946.3 million by 2023, at a CAGR of 32.7% between 2018 and 2023. The growth of this market is driven by increasing investment in renewable energy, inherent advantages of flow battery, high demand from utilities, and rising telecommunications tower installations.
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North America expected to hold the largest size of the flow battery market during the forecast period
North America held the largest size of the flow battery market in 2017, followed by APAC and Europe. The high number of flow battery installations in the region, mainly in the US and Canada, attributes to the dominating position of the region in the flow battery market. In addition, favorable economic conditions in the US and the increase in the importance of battery energy storage, as well as supportive regulatory policies aiding energy storage in the US and other countries in the region are encouraging many domestic and international manufacturers to deploy flow battery for efficient energy supply. Flow battery market in APAC is expected to grow at the highest rate during the forecast period.
ESS Inc. (US), GILDEMEISTER energy solutions (Austria), Primus Power (US), RedFlow (Australia), redT Energy (UK), SCHMID (Germany), Sumitomo Electric. (Japan), UniEnergy Technologies (US), ViZn Energy (US), and EnSync Energy Systems (US) are the major players operating in this market.
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